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I received a K-1 from an LLC which shows an amount in Line 11 Other Income. The code is H which is Subpart F Income. I am told this income should be taxable, but when I entered it, Turbo Tax is not considering it Taxable Income. Am I perhaps not entering it correctly? Any help is appreciated.
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this type of income is not provided for in the TT program so it goes nowhere. The LLC should have provided you with a supplemental schedule for how to report.
from IRS 1065 K-1 instructions
box 11 code H
Code H. Income under subpart F (other
than inclusions under sections 951A and
965). The partnership will provide your
share of subpart F inclusions other than
sections 951A and 965 inclusions.
Attach a statement to the Schedule K-1 (the partnership not you should have done this)
identifying any subpart F inclusion
attributable to:
• The sale or exchange by a controlled
foreign corporation (CFC) of stock in another
foreign corporation described in section
964(e)(4), or
• Hybrid dividends of tiered corporations
under section 245A(e)(2).
So I guess I can't use Turbo Tax if I have this type of income?
Did you ever find how to report this income correctly? (K-1 box 11 code H: Subpart F Income).
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